How will 12% GST on under-construction properties impact real estate?

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GST Bill

With the inclusion of works contracts under the 12 percent slab of GST, under-construction properties have come under the ambit of the revolutionary tax regime. 99acres.com analyses what this means for the Indian real estate sector.

The Goods and Services Tax (GST) Council has included works contracts between realty developers and service providers under the 12 percent slab. This move has brought under-construction properties under the GST regime while ready-to-move properties still remain out of the new tax system’s ambit.

Currently, a works contract bears six percent service tax and one to five percent Value Added Tax (VAT) varying from one state to another. In all, the real estate sector attracts indirect levies in the range of 9-11 percent, comprising excise duty, service, tax, and VAT, to name a few. Further, there is limited facility of input tax credit for developers which means that developers cannot set off taxes paid on input materials against indirect taxes collected from buyers. These restricting provisions contribute to the high prices of real estate in the country.

Good news for stakeholders

Come July 1, the GST regime will subsume major indirect taxes into a single rate, 12 percent in case of under-construction properties, and will also put an end to dual taxation. Sachin Menon, National Head, Indirect Tax, KPMG explains that, currently, both service tax and VAT is levied on 110 percent of the contract value. While 15 percent is levied as service charge on 40 percent of the contract value, VAT/excise duty of about 18 percent is charged on 70 percent of the contract value. Levying GST on works contracts at 12 percent will reduce the cost of real estate in the hands of the buyer and will give a much needed fillip to the sector.

The removal of obstacles in the path of full credit utilisation by developers will also help lower the actual incidence of GST. This will help in strengthening the credit chain in the real estate sector, comments Pakshal Sanghvi, Director, Sanghvi Realty.

How will this impact property prices?

Allaying homebuyers’ concern about any drastic rise in property prices due to tax regime change, industry experts state that buyers of under-construction properties are unlikely to be burdened with additional tax burden on account of GST rollout.

Industry experts explain that that the final impact of the revolutionary tax reform on property prices will vary from one state to another. Since VAT is a state levy, the exact effect of its replacement with GST will differ across the country. For instance, in a state where the current indirect tax levies are lower than proposed rate of 12 percent, property prices could still turn out to be cheaper under GST if the benefit of input tax credit outweighs the increase in the tax rate.

Amit Wadhwani, Director, Sai Estate Consultants, adds that the possibility of lower construction costs on account of input credit could lower property prices if developers pass on the benefits to end users. This will be further supported by the anti-profiteering clause which urges developers to share the benefits derived from GST with the buyers via proportionate reduction in prices. Thus, the general agreement in the industry is that the new tax structure will not cause any undue spike in ticket sizes of under-construction properties. 


Copyright 99acres.com


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  • Comments
  • sumit Joshi June 21, 20175:43 pm

    Agreement is executed then when effect of GST Act will be retrospective ? Only loan amount is to be disbursed, now whether I have to pay extra service tax as per GSt?

    Reply
    1. Farozan Akhtar

      Farozan Akhtar June 22, 201712:15 pm

      Dear Sumit,
      It would be better if you enquired about any possible retrospective effect of GST from an expert. You may post the query at 99acres’ Ask and Answer forum at 99acres.com/ask.

      Reply
  • Atul Shah June 26, 20171:09 pm

    I have purchased flat under construction in Mumbai before GST I have to pay 4.5% service tax+1% vat now I have to pay 12% can I get any set off from builder or in stamp duty if yes then how I will get if no then my cost is increased so how GST benefits to buyers of under construction property.

    Reply
    1. Farozan Akhtar

      Farozan Akhtar June 27, 201711:41 am

      Dear Atul,
      The government has asked developers to pass on the benefits of the new regime to the buyers and has even threatened to invoke the anti-profiteering clause if they fail to do so. As for stamp duty, it will have to be paid even under the new tax regime.

      Reply
  • sunil shah June 27, 201712:09 pm

    GST 12% ? DO THE BUYER HAVE TO PAY ? IF I HAVE BOUGHT FLAT FOR 40 LAKH AND IF AGREEMENT IS PENDING , IF I WILL NOT MAKE THE PAYMENT TO BUILDER BEFORE 1ST JULY 2017- DO I HAVE TO PAY 12% MORE ON BALANCE AMOUNT ?

    Reply
  • Dinesh Dumbre June 27, 20173:17 pm

    I have booked my flat on 16th April with 10% amount prior to RERA and GST implementation, but my builder has yet not created my registration, what will be the tax impact ? And what can i do about it?

    Reply
    1. Farozan Akhtar

      Farozan Akhtar June 28, 201712:27 pm

      Hi Dinesh,
      For under construction properties, the GST rate will apply post July 1. Please consult an expert for a detailed answer to your particular query. You may post the same on our Ask and Answer forum at http://www.99acres.com/ask

      Reply
  • Himanshu R Raul June 28, 20173:25 pm

    I have booked my flat on 2012 and registration on 2013 but till flat under construction. builder send letter that after 01/07/2017 we have to pay balance amount as per GST 12%???????

    Reply
    1. Farozan Akhtar

      Farozan Akhtar July 4, 20173:09 pm

      VAT and service tax for under-construction properties have been replaced by GST of 12% (excluding the cost of land). If you have any pending VAT or service tax on the property, you will have to pay GST instead, from July 1.

      Reply
      1. Shivanand July 31, 201712:40 pm

        first ask from builder the completion % certificate as on 1st july approved by Architech. If Agreement done before 1st July then 1% VAT & 4.5% Service Tax till that %on Agreement amt. and construction % balance will attract 12% GST.

        Reply
  • Ubed June 28, 20177:07 pm

    I have purchased a flat in an under construction building in Mumbai. I have already paid 100% amount to builder, But till now I have not paid Service Tax & VAT to builder (because project is stopped). After 1st July, Do I have to pay 12% instead of 5.5% (ST of 4.5% and VAT 1%).

    Reply
    1. Farozan Akhtar

      Farozan Akhtar July 4, 20173:11 pm

      GST has replaced service tax and VAT so pending payments will involve 12% GST (excluding the cost of land).

      Reply
  • CA Rupesh June 28, 201710:57 pm

    No builder is passing benefit of input tax and it is difficult assess how much paid befor 1st July. They are charging 12% from 5.5% on remaining demands.It is going to huge burden on middle class who already suffering from unprecedent delay on project completion.

    Reply
  • imtiyaz June 30, 201712:32 am

    I did agreement of sale of a flat with builder during oct 2016 and paid 6% stamp duty and 1% registration charges. Now after completion of construction I want to do sale deed. The current VAT is 1% and service tax is 3.66%. How much tax will be applicable if I go for sale deed after 1 july??

    Reply
  • A K Bhaskar July 3, 20178:57 am

    My in laws has booked a ready to move flat @38.10 lakh in Bangalore. Registration charge including stamp duty was 6.6%. What will be GST effect on the registration?

    Reply
    1. Farozan Akhtar

      Farozan Akhtar July 4, 20173:07 pm

      GST will not impact registration charge or stamp duty. These will continue to apply as earlier. GST has only replaced indirect taxes such as VAT and service tax.

      Reply
  • Devendra July 3, 201712:39 pm

    Hi Team,

    I have purchased under-construction Flat and paid the builder 4.5% service tax and 1 % vat Stamp duty and registration and agreement is done before GST and on 3rd July disbursement is also done for 80% of the construction now as GST is 12%, please let me know so i need to pay more and also help me If i can go for PMAY Yojana.

    Reply
    1. Farozan Akhtar

      Farozan Akhtar July 4, 20173:13 pm

      Hi Devendra,
      If you have any pending VAT or service tax, then you will have to pay GST instead of the indirect charges. Please post your question on http://www.99acres.com/ask so that experts may clear your confusion.

      Reply
  • Prasad July 3, 20178:11 pm

    Hello Team,

    I paid Service tax, vat and 10% flat amount to buldier and also registration did before the GST implemented. Do I need to pay again 12% GST TAX. Please suggest.

    REgards
    Prasad

    Reply
    1. Farozan Akhtar

      Farozan Akhtar July 4, 20173:16 pm

      Hello Prasad,
      If you have already paid VAT and service tax for the property, you will not have to pay GST.

      Reply
  • Satish Kumar Saxena July 4, 20177:29 pm

    Hello Team
    I had booked a under construction flat at Mumbai in Year 2015. Since than I paid 75% of flat cost, associated Service tax at 4.5% rate. Also registered the property paying stamp duty and paid VAT before Ist July. Now do I require to pay 12% GST on entire flat cost or only on the balance 25% flat cost to be paid post GST regime.
    Kindly respond.
    Regards.
    S.K.Saxena

    Reply
    1. Farozan Akhtar

      Farozan Akhtar July 5, 20179:32 am

      If there is any pending VAT and service tax applicable on the property, you will need to pay GST 12 percent on the property value yet to be paid.

      Reply
  • K Biswas July 5, 20173:11 pm

    Hello Madam,
    As discussed with the builders, it seems that the builder may pay around 4-5 percent of the GST while we have to pay the remaining 7-8 percent. In no case, they may be ready to pass on the excess 7.5 percent tax. So ultimately we have to pay more. Would like to know your cooments on this.

    Reply
  • Vineet July 5, 20176:58 pm

    Hello Team,
    I have done the agreement on 27 jun (before 1july) and paid (Full VAT+ Full Service Tax)+10% Flat amount. Will GST applicable to remaining Bank’s disbursement amount?

    Reply
    1. Farozan Akhtar

      Farozan Akhtar July 12, 20173:38 pm

      If you have already paid the entire service tax and VAT applicable on the property, you do not need to pay any additional GST.

      Reply
      1. akshay rathod October 3, 20179:33 pm

        i have purchased flat and i already paid 18lakhs and builder demand for remaining amt with GST..Is this gst applicable on remaining amt..plz suggest me mam

        Reply
  • Nilesh N July 10, 20171:56 pm

    I recently approached a reputed builder for an underconstruction property wherein they have raised the flat cost by 6% on impact of GST i.e. they have levied 12% GST as compared to earlier 6% of S.Tax and VAT. And are not ready to reduce the flat cost onn account of input tax benefits of GST?? Is it correct or builder is violating Anti-profeetering law?

    Reply
    1. Mukund Raghavan July 24, 20171:46 pm

      It is correct. Earlier Land value was not considered in tax or had a separate taxation. But now PLC (Plot, Land, and construction) are being included in 12%GST.

      Reply
    2. Subhadra Badauria

      Subhadra Badauria July 24, 20174:14 pm

      Dear Irfan,

      If you have purchased a property and have not paid VAT and Service Tax yet then you are liable to pay 12 percent GST as per the new tax structure.

      Reply
      1. Shivanand July 31, 201712:45 pm

        NO… Builder has already created demand to receivalble as 1% Vat & 4.5% Service Tax. Ask builder to give ledger statment.

        Reply
  • Mohammed Irfan July 11, 20173:19 am

    I have purchased a flat in an under construction building in kolkats. I have already paid 80% amount to builder, But till now I have not paid Service Tax & VAT to builder (because in agreement there is no clause for service tax i have to pay). After 1st July, builder said have to pay Service tax / GST. Pls advise what will i do.. its not a legal construction building.

    Reply
    1. Farozan Akhtar

      Farozan Akhtar July 12, 20173:45 pm

      Please post your question in 99acres’ Ask and Answer forum at http://www.99acres.com/ask for better clarity from experts.

      Reply
  • ramzan ahmad July 19, 20172:01 pm

    i have booked a flat in kolkata with reputed builder at therate of 5800/persqft. .on 6th of july 2017. the construction will start from december 2017 hopefully.
    do i have to pay any tax to builder if the price is agreed at 5800/ sq ft.

    Reply
    1. Farozan Akhtar

      Farozan Akhtar August 28, 20175:16 pm

      Property purchase involves payment of VAT and service tax which have now been replaced by GST of 12%.It appears that you have not paid the service tax and VAT till now which means you are now liable to pay GST at 12%.

      Reply
  • Manish Kumar Singh July 20, 20175:07 am

    i am salaried person and i have buy flat in delhi, as per GST rule under input tax credit, pls. help how to get input tax credit on paid 12% GST to Builder

    Reply
    1. Farozan Akhtar

      Farozan Akhtar August 28, 20175:15 pm

      Input tax credit (ITC) is related to builders. Since builders have to pay taxes at multiple stages, they will get ITC after paying tax at each level which can be redeemed at the next levels. The government has asked builders to give the benefit of ITC to end buyers however a customer ‘claim’ ITC from builders.

      Reply
  • Tarun Metia July 21, 201712:01 pm

    Hi,
    Can you please let me know how govt raised the GST from 4.5% to 12% and they are telling a lie GST has merged several taxes. Is there any forum has built up to support Customer and Builder in 99acres.

    Reply
  • mustafa kamal July 23, 20172:47 pm

    how gst will change total cost of apartment from existing

    price structure like sale deed value +service tax (3.09%+1 vat)in hyderabad
    now how it would be with GST

    Reply
    1. Farozan Akhtar

      Farozan Akhtar August 28, 20175:12 pm

      Please post your query on http://www.99acres.com/ask so that experts may reply to it.

      Reply
  • Raghunath July 25, 201711:47 am

    Hi, I am a builder, recently I build one residential apartment and I already sold 5 Flats under construction now I got completion certificate for remaining flats is applicable GST. Please clarity from experts.

    Reply
    1. Farozan Akhtar

      Farozan Akhtar August 28, 20175:17 pm

      You can get experts to answer to your question by posting it on http://www.99acres.com/ask.

      Reply
  • SHAH ASHISH July 31, 20176:23 pm

    I have booked a flat in Mumbai in MAY 2012, it was for investment purpose as we have paid complete cost of the flat in that period. Now the question is we have not done our registration and even stamp duty is to be paid, but we have paid our service tax and vat to the builder prior 1 st july and already got the receipt from the builder. what will be the stamp duty charges now ? As we are finalizing to do it in coming month ? not the property is still under construction !

    Reply
    1. Farozan Akhtar

      Farozan Akhtar August 28, 20175:11 pm

      If you have cleared VAT and service tax for the purchase, you do not have to pay GST for it. The stamp duty remains unaffected by GST.

      Reply
  • MMR August 4, 201711:37 pm

    Buyers will never get the benefits of input credit tax, but have to bear the burden of 12 % GST tax . Very sad…

    Reply
  • Aniket M August 9, 20177:44 pm

    Hi,
    I have booked an ready to move new house on month of may 2017 and have OC certificate is dated 23th jun 2017.
    i have done 2 payments with 4.5% service tax and now on remaining payment builder is charging 12% GST.
    Please tell me if GST is applicable for me or not?
    thank you.

    Reply
    1. Farozan Akhtar

      Farozan Akhtar August 28, 20175:09 pm

      If there is any pending VAT or service tax payment, then you will have to pay GST instead of these indirect taxes.

      Reply
      1. akshay rathod October 3, 20179:40 pm

        i have purchased flat and i paid 90% amt of agreement to builder and service tax & vat..now builder demand for remaining amt with GST ..Is this GST applicable on remaining amt..please suggest me

        Reply
  • HARSHAN Jain August 9, 20179:31 pm

    I have booked a flat and the cost sheet says that GST is applicable on land cost.

    But as per the government GST is not applicable. Can you explain me how did u apply GST on land????

    Reply
    1. Farozan Akhtar

      Farozan Akhtar August 28, 20175:07 pm

      Please get the cost sheet analysed by an expert. As per the latest government announcements, works contract has been included in the 18% slab. However, since land cost is usually one-third of the total cost, the effective rate comes down to 12% of the total cost.

      Reply
  • vasudev Limbachiya August 18, 20176:59 pm

    Have purchased Under construction Commercial property on long time lease and possession will be given by builder post construction. how much have to pay ? is that 12 % of any other formula i.e. GST have to pay on land portion only i.e. 33% of price ?

    Reply
    1. Farozan Akhtar

      Farozan Akhtar August 28, 20175:04 pm

      As per latest updates, works contract is included under the 18 percent slab but the effective rate of GST on an under construction property is 12 percent. This means that the 12 percent tax rate already excludes land cost from calculation.

      Reply
  • Swarup Banerjee August 29, 20172:06 pm

    i want to purchase ten years old flat, is GST is applicable

    Reply
    1. Subhadra Badauria

      Subhadra Badauria October 27, 201711:24 am

      Dear Swarup,

      GST is only applicable on under-construction property. It is not applicable on resale property.

      Reply
  • Rakesh August 30, 20171:14 pm

    Hi,
    I have booked a flat in the year 2016 and the project is ongoing. I have already paid the builder 2 instalments excluding initial deposit before GST. Prior to GST the builder used to send the demand note with land cost without any taxes and construction cost with the applicable taxes.
    After the GST implementation, I have received a new demand note where i) The land and construction cost have been merged and considered as consideration value.
    ii) 18 % ( 9% CGST & 9 % SGST) has been claimed on 2/3rd the consideration value. I am being demanded around 20 K more than that demanded earlier ( Post GST),
    I just wanted a confirmation if there is a rule to consider Even Land value for the GST calculation and if GST calculation on 2/3 rd considertion value is correct.

    Reply
  • Shailesh September 15, 20178:34 am

    I have a commercial place and i intent selling sit its a old building so OC is there. So no GST will be applicable. But I am buying another commercial property which is under construction where GST is applicable. Can i get a setoff of the same against my input GST of my business

    Reply
    1. Subhadra Badauria

      Subhadra Badauria October 27, 201711:27 am

      Dear Shailesh,

      Please elaborate on your query so that industry can assist you well.

      Reply
  • Hitesh Bhatia September 16, 201712:58 am

    How do I complaint to RERA regarding the mismanagement of funds by developer? Does the developer have to ensure that there is a special account for each project that is registered with RERA? Is there a Maharashtra RERA website?

    Reply
    1. Subhadra Badauria

      Subhadra Badauria October 27, 201711:28 am

      Dear Hitesh,

      Yes there is a Maharashtra RERA Website, you can file your grievance on the site.

      Reply
  • Prashant Borate September 18, 20179:10 pm

    I have booked 2BHK before GST was introduced, and haven’t done the registration yet.
    No if i do the registration now, i need to pay 12% of GST now or my registration will be done on Service Tax (4.5%) + VAT (1%).

    Reply
    1. debabrata sen October 3, 20174:31 pm

      i have booked a flat on jan 2017 ,registration is pending, whether i have to pay gst of 12%

      Reply
    2. Subhadra Badauria

      Subhadra Badauria October 27, 201711:33 am

      Dear Prashant,

      The applicability of the tax varies as per the construction status of the property. If the property is in under-construction phase then GST will be applicable, however, if the property is already constructed then service tax and vat will be applicable.

      Reply
  • Tanmoy Biswas September 20, 20175:30 pm

    I have booked an Under Construction Flat [with proper Sale Agreement] on 07-July-2017 in Kolkata [Cost. Rs. 45.5 Lakhs] and already paid 20% value of property cost [No ST or VAT has been paid yet]. Do I need to pay Stamp Duty, Registration Fee and GST [12%] of the total property cost? Please tell me how much amount of GST [either 12% of 45.5 Lakhs or any other amount] I need to pay.
    Regards,

    Reply
    1. Subhadra Badauria

      Subhadra Badauria October 27, 201711:37 am

      Dear Tanmoy,

      You have to pay 12 percent GST of the property cost.

      Reply
  • Prakash P September 25, 201712:00 pm

    I booked a flat at Brigades Bangalore in 2015. For Land Value No VAT AND ST. Only for Construction, ST & VAT was fixed. Before GST implementation, entire Land Value is paid and one installment towards Construction also. Now for the remaining Construction value, builder is demanding GST @ 18%. Is that in tune with RERA Act?

    Reply
  • raghvendra September 26, 20172:40 pm

    Hi Team,
    I have booked independent house after the GST , Total cost (Land cost+Construction) is 40L. The GST is applicable on 40L or only construction cost, Please clarify me

    Thanks

    Reply
    1. Subhadra Badauria

      Subhadra Badauria October 27, 201711:45 am

      Dear Raghvendra,

      You have to pay taxes as per the previous norms. GST is not applicable in your case.

      Reply
  • Sujay Nirgude September 29, 20171:12 am

    I done agreement beore july 17 and on demand letter of 70% amount i paid this with service tax,
    Now question is that whether on 30% i hv to pay gst or as my agreement was done before july so need not to pay considering gst??

    Reply
    1. Subhadra Badauria

      Subhadra Badauria October 27, 201711:53 am

      Dear Sujay,

      Weather GST will be applicable on your property or not will be deduced only when you share the construction status of the property with us. Is it under-construction property or already constructed?

      Reply
  • s.v.kulkarni September 29, 201711:58 am

    for under construction buildings earlier the indirect taxes were 4.5 + 1.0= 5.5 %only. Levying 12% GST now means clear additional 6.5% taxes. How it is subsuming earlier taxes? How builders will pass on the input cost taxes to customers? Clearly this is an additional burden of 6.5% on the buyers. with 6% of stamp duty and registration charges of 1% total indirect tax on buyers will be 12+7= 19% . Rediculously high.

    Reply
  • Swapnil Bhosale October 1, 201711:04 am

    I had booked flat in Dec 2016 and did Agreement after paying 25% payment in Feb 2017. Now my builder is charging 12% GST on remaining amount which is fine, but he is also telling to pay 45% amount as per RERA act and till now only plinth slab is completed.

    Is it mandatory as per RERA to pay 45% amount on plinth?

    Reply
    1. Subhadra Badauria

      Subhadra Badauria October 27, 201712:06 pm

      Dear Swapnil,

      The frequency of payment is always mentioned in the agreement. Please recheck it. In case any discrepancy you can seek assistance from property expert.

      Reply
  • vswami October 13, 20179:50 pm

    According to Press Reports to day, the levy of GST on ‘realty’ has yet to take effect; and in view of the likely changes, as indicated, in the scheme of the levy, in one’s perspective, – pending any expert opinion, – the levy might have to be taken freshly through legislative time consuming legislative process. If so, what happens to the monies , if any already collected by the promoters , prematurely – Any idea / suggestion ?

    Reply
  • Prashant Taribagal October 28, 201710:37 am

    I have booked under construction Flat at neral Aggrement Value 816500/= on december 2015. And My Aggreement done july 2016. And I paid builder of Rs. 6,90,000/= accordingly threir completion of project wise before Vat July 2017. Now Builder send Tax Invoice to me of Rs. 816500/= + GST..
    beofer july 2017 I have received 88% project completion letter from builder
    Now he is demanding full amount GST on aggrement value
    12% on 816500/= huge amount for me

    please advice me

    Thanks & Regards
    Prashant

    Reply
    1. Subhadra Badauria

      Subhadra Badauria November 29, 201712:26 pm

      Dear Prashant,

      GST will be applicable only on the amount which is still due to be paid and not the total amount of 816000. Also, you can claim benefit under Input Tax Credit (ITC) which will reduce the final amount paid to the builder.

      Reply
  • Varsha Shedge November 8, 201711:26 am

    I have Booked under construction property in Mumbai at Nallasopara East. It has just plinth level Completed.
    We paid 1 Lac as token amount. We have done loan procdure with SBI & Bank ready to provide 90% loan on Agreement & our salalry based. Now builder is asking us to pay 20% amount. Bank agrees to give loan amount as Base amt + GST but builder demanding 20% of base amount + Stamp Duty+ GST now. Kindly advice is GST paid lumpsum or as per progress of the project & when it is paid. At the time of registration or after that.

    Reply
    1. Subhadra Badauria

      Subhadra Badauria November 29, 201712:18 pm

      Dear Varsha,

      Please reach out to a tax expert to avail the best assistance.

      Reply
  • kapil November 9, 201711:59 pm

    1) I have booked gated community villa, ground and first floor are built only interior alter work has to be done. Now builder is telling me to pay 12% GST. my question is will my house comes under construction or construction completed.
    2) if completed house do I need to pay GST ?
    3) How can we know whether the builder is paying GST 12% to the government?

    Reply
    1. Subhadra Badauria

      Subhadra Badauria November 29, 201712:11 pm

      Dear Kapil,

      Please post your query on http://www.99acres.com/ask

      Reply
  • chandra Bhushan November 11, 201710:26 pm

    I have booked a under construction flat, which is a land owner share . I have paid a part of the installment in the pre GST regime.
    Now the pending installment has new tax of 12 % .
    Land owner has said that since it has no input credit so the anti profiteering clause does not apply to it.
    Is there any regulation pertaining to this segment.
    Builder has no responsiblity towards it.

    Reply
    1. Subhadra Badauria

      Subhadra Badauria November 29, 201712:09 pm

      Dear Bhushan,

      Please post your query on 99acres.com/ask

      Reply
  • surendra November 12, 201711:42 am

    I have purchase house rajasthan housing board against monthly installment dated -28-Jan-2013 before GST.
    My paid monthly installment is Rs. 2400 before GST but after GST RHB Demand Installment Rs. 2400+288 GST toal Rs. 2688 so please clear should we paid with GST yes or no.

    Reply
    1. Subhadra Badauria

      Subhadra Badauria November 29, 201712:06 pm

      Hi Surendra,

      Please consult a tax expert to fetch assistance on this query.

      Reply
  • Parbat Hadiya November 15, 20173:13 pm

    Hi,
    i have book 4 bhk duplex at Vadodara ,Gujarat.
    Porperty Registration is over in june 2017 and my home loan bank release 6.5 lacs amount in octomber 2017.
    then Which Taxes is applicable for 6.5 lacs 4.5% +1 % or GST 12% ?
    Please advise.

    Reply
    1. Subhadra Badauria

      Subhadra Badauria November 29, 201712:03 pm

      Dear Parbat,

      Home loans will attract a GST of 18 percent.

      Reply
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